Citi raised the firm’s price target on Cleveland-Cliffs (CLF) to $13 from $11 and keeps a Neutral rating on the shares. The firm notes the stock is trading down 15%-20% today based on Q1 2026 guidance that implies about $140M EBITDA, well below $321M Bloomberg consensus. Investors were expecting overall better EBITDA per ton improvement given spot steel prices, the expired slab contract, and lower met coal. Citi stays on the sidelines, seeing the company benefiting from higher U.S. and Canadian steel prices but still struggling to match minimills on EBITDA/ton and free cash flow.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CLF:
- Midday Fly By: Transocean to buy Valaris, Kyndryl sinks after CFO exit
- Cleveland-Cliffs says has received ‘meaningful interest’ in larger asset sales
- Cleveland-Cliffs sees ASP up $60/ton in Q1
- Cleveland-Cliffs expects ‘substantial improvement’ in pricing in Q1
- Cleveland-Cliffs sees FY27 CapEx $900M; FY28 CapEx $700M